Global market update: Soybeans strengthen as demand comes back into focus

Grain prices were mixed on Thursday after some uneven technical maneuvering. Soybeans saw the most upside, with prices firming 1.25% higher after USDA released a better-than-expected round of export data this morning. Corn prices were also in the green, moving around 0.5% higher. CBOT wheat saw substantial cuts, in contrast, and fell for the fifth consecutive session as Ukrainian shipments pick up amid already uncertain U.S. demand. The latest updates to the U.S. Drought Monitor, released this morning, show 66.6% of the United States is covered by some level of drought through August 16. Regional variances are significant, with the bulk of the problems occurring in the West. For the Midwest, 33.2% of the region is currently affected, while in the High Plains, that percentage jumps to 78.0%. NOAA’s 8-to-14-day outlook shows the likelihood of seasonally wet weather in store for the Southern Plains and parts of the eastern Corn Belt between August 25 and August 31. On Wall St., the ...